NEW YORK, April 23, 2013 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased VeriFone Systems, Inc. ("VeriFone" or the "Company") (NYSE: PAY) stock between December 14, 2011 and February 19, 2013.
For more information, click here: http://zlk.9nl.com/verifone-systems-pay/.
The complaint alleges that throughout the Class Period, Defendants failed to disclose that: (a) the Company did not properly execute its plan to move to a more subscriptions-based service model; (b) past acquisitions had masked the Company's sharply declining revenue base; (c) the Company was inappropriately recognizing revenues from distributors in periods where such revenues should have been deferred; (d) the Company lacked adequate internal and financial controls; and (e) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On February 20, 2013, the Company announced a new revenue recognition policy which prevented it from recognizing revenues from distributors in the Middle East and Africa that quarter. Shares of VeriFone stock fell $13.65 to a close of $18.24 per share the following day.
If you suffered a loss in VeriFone you have until May 6, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/verifone-systems-pay/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (866) 367-6510
SOURCE Levi & Korsinsky, LLP